Question

Save C Score: 0 15 of 1 pt 1 of 1 (1 complete HW Score: 14 73% 0 15 of 1 CPF1-55 (similar to) Question Help Golden Lake Company is a service based company that rents canoes for use on local lakes and rivers Andrea and Zon Washington graduated from college about 10 years ago. They both worked for one of the Big Four accounting firms and became CPAs. Because they both love the outdoors, they decided to begin a new business that will combine their love of outdoor activities with their business knowledge. Andrea and Zion decide that they will stopte a new corporation, Golden Lake Company, or GLC for short The business began operations on November 1, 2024 Click the icon to view the transactions) Read the time Assets Liabilities) Equity Cash AR Of Canon AP + + Tele CS Div - Rent Rent UN Wage Tele Sup Pay Pay Rev Exp Exp Exp Exp Bal 24.000 0 300 4200 0.25 000 1,000 0 0 2000 Bal 20.000 0 4.200 0 ol. 25.000 0. 2000 1.000 . 1.700 Bal 24.300 0+ 300+ 25.000 0 2000 1,000 72.000 13 1700 1700 + 15 Bal Enter any number in the edit Delds and then click Check Answer Clear All Check An 11 par remaining

Answer 1

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= + - = - + 5,000 Golden Lake Company Assets Liabilties + Equity Date Cash A/R Off Sup Canoes = A/P Util Pay Tele Pay + Common St - Dividends + Rent Rev - Rent Exp Util Exp Wages Exp Tele Exp 1-Nov 25,000 + 25,000 + 2-Nov (1,000) + + 1,000 Bal 24,000 + 25,000 + 1,000 3-Nov 4,200 = 4,200 + Bal 24,000 4,200 = 4,200 + 25,000 + 1,000 4-Nov 800 800 + + Bal 24,000 800 4,200 = + 25,000 + 1,000 7-Nov 2,000 + + 2,000 Bal 26,000 800 4,200 = 5,000 + 25,000 + 2,000 1,000 13-Nov (1,700) + + 1,700 Bal 24,300 800 4,200 = 5,000 + 25,000 + 2,000 1,000 1,700 15-Nov (600) 600 + Bal 23,700 800 4,200 = 5,000 25,000 600 + 2,000 1,000 1,700 16-Nov 190 + 190 Bal 23,700 800 4,200 = 5,000 190 25,000 600 + 2,000 1,000 190 1,700 20-Nov 140 + + 140 Bal 23,700 800 4,200 = 5,000 190 140 + 25,000 600 + 2,000 1,000 190 1,700 140 22-Nov 2,800 + 2,800 Bal 23,700 2,800 800 4,200 = 5,000 190 140 + 25,000 600 + 4,800 1,000 190 1,700 140 26-Nov (1,800) (1,800) + + Bal 21,900 2,800 800 4,200 = 3,200 190 140 + 25,000 600 + 4,800 1,000 190 1,700 140 28-Nov 1,100 (1,100) + + Bal 23,000 1,700 800 4,200 = 3,200 190 140 + 25,000 600 + 4,800 1,000 190 1,700 140 30-Nov + 700 + End Bal 22,300 1,700 800 4,200 = 3,200 190 140 + 25,000 - 1,300 + 4,800 1,000 190 1,700 140 + + + + + + - (700)

4,800 Golden Lake Company Income Statement For the Month Ended November 30, 2024 Revenues Rent Revenue Expenses Rent Expense Utilities Expense Wages Expense Telephone Expense Total Expenses Net Income 1,000 190 1,700 140 3,030 1,770 Statement of Retained Earnings For the Month Ended November 30, 2024 Retained Earnings, November 1, 2024 Net Income 1,770 1,770 (1,300) Less Dividends Retained Earnings, November 30, 2024 470

Golden Lake Company Balance Sheet As of November 30, 2024 Assets Current Assets Cash Accounts Receivable Office Supplies Total Current Assets Liabilities & Stockholders Equity Current Liabilities 22,300 Accounts Payable 1,700 Utilities Payable 800 Telephone Payable 24,800 Total Current Liabilities 3,200 190 140 3,530 Non-Current Assets Canoes Stockholders Equity 4,200 Common Stock Retained earnings Total Stockholders Equity 25,000 470 25,470 Total Assets 29,000 Total Liabilities & Stockholders Equity 29,000 Return on assets Net Income/ Average Total Assets 1770/29000 6.10% Return on assets